[Amended 10-5-2009[1]]
The several trust funds known as the "Sweetser
Provident Fund," "Sweetser Baxter Sabbath School Fund," "Sweetser
School Fund," "Sweetser School Library Fund," "Sweetser Missionary
Fund" and "Sweetser Park Fund" and all trust funds for the benefit
of Wardwell Home, now held by the City of Saco as trustee, together
with all legacies, devises and gifts of funds or property which the
City of Saco may hereafter receive into its custody as trustee, excepting
such legacies, devises or gifts of funds or property which the City
may receive for the benefit of the Lucia Kimball Deering Hospital
Fund, are hereby placed in the care, custody and administration of
the citizens of the City, who shall constitute a Board of Trustees
for the care and administration of these funds and other property
and the income thereof and so be designated as the Board of Trustees
for the care, custody and administration of trust funds held by the
City of Saco as trustee.
[Amended 10-5-2009]
The Board of Trustees shall consist of three
members, all being citizens of the City of Saco. Members shall be
appointed by the Mayor with City Council confirmation, for a term
of six years, beginning initially with one member being appointed
for six years, one member being appointed for four years, and one
member being appointed for two years.
Before assuming the duties of office, each member
of the Board of Trustees shall be qualified by taking an oath before
the City Clerk that he/she will faithfully perform the duties of this
office and shall file a bond with a surety company authorized to do
business in the State of Maine as surety in the sum of $10,000, conditioned
for the faithful performance of such duties. The premium to be paid
to the surety company for the bond shall be paid by the City.
[Amended 5-15-2000; 10-5-2009]
The Board of Trustees shall hold regular meetings
of the Board on a semi annual basis on a date of the Board's choosing,
or meetings can occur on an as-needed basis. The Trustees shall receive
a compensation that shall be established by the Council after a public
hearing and shall be entitled to be paid actual and necessary expenditures
incurred in behalf of the Board.
[Amended 10-5-2009]
Vacancies on the Board of Trustees, however
occurring, shall be filled by mayoral appointment and confirmation
of the City Council. A member appointed to fill a vacancy on the Board
of Trustees shall hold office for the unexpired term of the retiring
member.
The Board of Trustees may organize by the election
of such officers as it may deem proper and shall determine such rules
as it may deem wise for the conduct of its business and which are
not inconsistent with law.
The Board of Trustees shall keep a record of its proceedings, including its financial transactions, and at the end of the City fiscal year shall prepare a statement of the trust funds and other property held by the City of Saco as trustee as enumerated in § 15-1, the income thereof and the entire financial transaction, which shall be delivered to the Finance Director and also shall be published in each annual report of the City of Saco. The City shall pay for and have conducted an audit of the Board's records. The audit shall be included as part of the City's annual audit.
The Board of Trustees shall invest all trust funds held by the City of Saco as trustee, as enumerated in § 15-1, in such securities as the savings banks of Maine are authorized to invest in, excepting that the Board is authorized to receive and hold such securities and other property as the representatives of any estate or any donor may deliver to the City as trustee, other than legacies, devises or gifts of funds or property for the benefit of Kimball Hospital or for hospital purposes, and to reinvest the whole or part thereof as the Board may deem wise.
A.
Notwithstanding the provisions of any of the preceding
sections, the Board of Trustees is authorized to:
(1)
Treat any two or more of the trust funds as a single
fund, solely for the purpose of investment.
(2)
After deduction of management expenses, prorate any
interest earned or capital gains realized among the various trust
funds.
(3)
Designate, in writing, a trust company or agency,
having its principal office within the state, for the purpose of investment,
and the Board of Trustees may consent to the investment of such funds
in a common trust fund maintained by that trust company or bank for
investment, as directed by the Board of Trustees, in accordance with
the provision of 9 M.R.S.A. § 51, the law governing savings
banks investments.
[Amended 10-5-2009]
B.
The Board of Trustees may enter into a custodian and agency agreement with a trust company, bank, or agency as provided in Subsection A(3) above, and contract for investment advice for the standard fee for this service. The City Council shall establish a rate, after a public hearing, for the cost of the services of the bank as custodian and investment adviser. Any other expenses resulting from these services or other expenses incurred for transfer, sale, exchange or handling of these funds will be deducted from the income as management expenses.
[Amended 5-15-2000; 10-5-2009]
